Hedge funds like European shipping stocks as market recovers

Hedge funds like European shipping stocks as market recovers

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As European markets recover, hedge funds are buying lots of shares of shipping stocks.

European stocks have been in free-fall for the last two weeks over tension in Ukraine. That's probably because Russia supplies most of the oil that runs Europe's powerhouse – Germany. 

However, commodities — a boon to Russia — are improving, and even the Ruble is making up some of the ground it lost earlier this month. 

That and a round of better-than-expected data from the US seem to be helping European stocks as well. The shock markets have undergone in the past few weeks have created discounted stocks and a feeling of solidarity. 

Analysts expect that developed economies worldwide will now grow more or less in tandem. Their prognosis cuts both ways, though – as local set-backs would have more impact on the global economy as a whole. 

Investing Ideas

We decided to run a screen on European stocks. We wanted companies that have done well in the past month while the rest of the market fared poorly. So we looked for companies rallying above their 20-day, 50-day, and 200-day simple moving averages

These are companies which have sustained consistent momentum in the past several months. We then narrowed that screen to only look at companies experiencing a spike in institutional buying

This means that fund managers are buying lots of shares of a particular stock. One thing that we noticed was that 3 of the companies that made it through our screen — 60% of the final list — worked in shipping.

There are a couple explanations for this. For one, as Europe's market slumped, stocks that were already undervalued fell more, creating an even steeper discount. Investors might also be optimistic about new technology helping to keep shipping costs down. 

​Click on the interactive chart to view data over time. 

1.Aegean Marine Petroleum Network Inc. (ANW, Earnings, Analysts, Financials):Operates as a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships at ports, sea, and rivers. Market cap at $476.01M, most recent closing price at $10.42.

SMA 20: 1.55%

SMA 50: 4.68%

SMA 200: 2.12%

Net institutional purchases in the current quarter at 5.0M shares, which represents about 20.8% of the company's float of 24.04M shares. 

The company is based in Greece.

 

2.Chicago Bridge & Iron Company N.V. (CBI, Earnings, Analysts, Financials):Provides engineering, procurement, and construction (EPC) solutions, as well as process technologies for the energy infrastructure projects. Market cap at $9.34B, most recent closing price at $86.87.

SMA 20: 1.6%

SMA 50: 5.45%

SMA 200: 19.49%

Net institutional purchases in the current quarter at 5.8M shares, which represents about 5.49% of the company's float of 105.72M shares.

The company is based in the Netherlands.
 

 

3.Capital Product Partners L.P. (CPLP, Earnings, Analysts, Financials):Provides seaborne transportation of refined oil products and chemicals. Market cap at $966.5M, most recent closing price at $11.15.

SMA 20: 2.07%

SMA 50: 5.55%

SMA 200: 18.97%

Net institutional purchases in the current quarter at 5.2M shares, which represents about 10.85% of the company's float of 47.93M shares. 

The company is based in Greece.
 

 

4.Star Bulk Carriers Corp. (SBLK, Earnings, Analysts, Financials):Operates as a shipping company providing seaborne transportation solutions in the dry bulk sector worldwide. Market cap at $243.72M, most recent closing price at $14.50.

SMA 20: 4.86%

SMA 50: 13.56%

SMA 200: 55.05%

Net institutional purchases in the current quarter at 6.0M shares, which represents about 43.99% of the company's float of 13.64M shares. 

The company is based in Greece.

 

 

5.Tornier N.V. (TRNX, Earnings, Analysts, Financials):Operates as a medical device company that designs, manufactures, and markets devices for joint replacement and soft tissue repair that enable surgical specialists to improve patients' lives by restoring motion and physical vitality. Market cap at $1.01B, most recent closing price at $20.91.

SMA 20: 5.22%

SMA 50: 13.56%

SMA 200: 10.38%

Net institutional purchases in the current quarter at 2.3M shares, which represents about 6.49% of the company's float of 35.42M shares.

The company is based in the Netherlands. 
 

(List compiled by James Dennin. Analyst ratings sourced from Zacks Investment Research, all other data sourced from Finviz.)

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